Osceola approves rezoning for D.R.Horton subdivision

By LAURA KINSLER GROWTHSPOTTER

|MAY 21, 2019

Osceola County Commissioners approved the rezoning of this 42-acre parcel on Monday for a new D.R. Horton

subdivision. (Osceola County)

Osceola County Commissioners on Monday approved a rezoning for a new D.R.Horton subdivision in the East Narcoossee area. The homebuilder was seeking Low Density Residential zoning for 42 acres at the end of Oesterle Road, east of Zuni Road, and south of Cyrils Drive. It was part of an larger assemblage totaling 108 acres, the balance of which is already zoned LDR. The zoning would allow a minimum of 324 single family homes or a max of 864.

Osceola’s Land Development Code requires a minimum of three housing product types for all subdivisions with more than 100 lots.

Land Planner Jim Hall represented the homebuilder during a pre-application meeting in January where he discussed plans for the new subdivision. Horton would join several other production builders who have invested in the East Narcoossee area around Zuni Road. Those include KB Homes and Royal Oak Homes. Horton has been active in the greater St. Cloud/Narcoossee market. The homebuilder assembled 22 acres in the East Narcoossee community last year for a new 96-lot subdivision called Barrington. Horton is also actively building in

Osprey Ridge, a 99-lot community on Boggy Creek Road, and in Canopy Walk in St. Cloud.

Jim Hall, along with former County Commissioner Bill Segal, former County Comptroller Martha Haynie and broker extraordinaire Trevor Hall, presented to a packed house at the Varsity Club in Camping World Stadium. The panel discussion focused on significant development events in Orlando’s history; Disney, Martin Marietta, the Convention Center along with stories of the people who made the development happen. Adult beverages and heavy appetizers enticed social mingling leading to the 45 minute presentation followed by questions. Thanks to Trevor and NAIOP for hosting the event.

10 Best Markets for Home Buyers

Of the 10 metro areas that have the best conditions for buyers as home-shopping season approaches, three are in Florida – Miami, Tampa and Orlando – but the best market overall for buyers is New York, according to the Zillow Buyer-Seller Index.

It’s not that New York is all that affordable: Its median home value in January was $438,300, almost double the U.S. median of $225,300. But other aspects of the New York market are a boon to buyers who can afford it. For example, among the largest 35 metros, it has the longest number of days on the market, at 132 days. The next longest time on market is 102 days in Chicago. It’s followed by Miami, at 99 days.

Two other Florida metros – Tampa and Orlando – rank in the top five for the share of listings with a price cut, a pro-buyer characteristic. In Tampa, 23.2 percent of listings received a price cut in January. In Orlando, it was 20.4 percent.

The third metric in the buyer-seller index is the sale-to-list-price ratio. A ratio above 100 percent indicates that buyers are paying more than list price. The further the ratio falls below 100 percent, the better the market is for buyers – because they’re paying that much less than list, which would be 100 percent even. The lowest ratios among the largest metros are Pittsburgh, at 93.7 percent, Miami at 93.9 percent and Chicago at 94.2 percent.

Job Opportunities Drive Hottest U.S. Markets for 2019

Four of the five hottest markets offer more job opportunities per person than 42 other major metros.

With strong projected home value growth and the strongest job numbers, San Jose, Calif., again ranks as the hottest market in U.S.

Markets that will continue to face challenges in 2019 are Cleveland and Hartford, Conn., as well as three large metros in the South: New Orleans, Memphis, Tenn., and Birmingham, Ala.

While the U.S. housing market is cooling in some ways, certain markets are red hot – fueled by rapid home value and rent appreciation, job opportunities, income growth and low unemployment.

Much like last year, San Jose, Calif., is poised to be the nation’s hottest market in 2019. Driven by an abundance of job opportunities per person, the nation’s lowest unemployment rate, still-climbing household income and enduring housing cost appreciation, the South Bay Area metro finds itself at the top of Zillow’s list of hottest markets for 2019.

Home values in San Jose rose more than 10 percent last year and are expected to grow by 12.7 percent this year – although that forecast could turn quickly as last month’s numbers disappointed expectations. Rents actually fell very slightly in the San Jose area over the past year, but going forward are expected to grow by 2.1 percent over the coming year. But as real estate values continue to grow, housing affordability in the area has become a challenge even for those earning a hefty tech salary. Population growth has slowed and for-sale inventory is on the rise (from historic lows), which may slow growth in the future.

http://halldsi.com/wp-content/uploads/2018/10/hall3logo-300x78.png00halldsihttp://halldsi.com/wp-content/uploads/2018/10/hall3logo-300x78.pnghalldsi2019-03-17 12:51:082019-03-17 12:51:24Orlando #2 Housing Market in the US

More than 150 homes are planned for Apopka, all that’s left is a homebuilder

More than 150 single-family homes are planned for the city of Apopka as part of a new community called Bridal Path.

TheBurnBrae Companies, a real estate investment, development, and management company headquartered in Washington, D.C., put the development plan together.

Principal Rich Thometz said the project would be the first single-family home community within the Kelly Park Interchange Form-Based Code area — a district created by city officials to help drive future development and economic activity to the city.

The once sparsely developed region is roughly halfway between the downtowns of Apopka and Mount Dora.

The Apopka City Commission voted unanimously on Mar. 6 to approve the final development plan and plat for Bridal Path. The project is located at 5526 Plymouth Sorrento Rd., just east of SR 429.

A site plan for Bridal Path shows a mix of 50- and 55-foot lots. Amenities include a pool and cabana.

The company does not have a builder under contract, but Thometz said he expects shovels in the ground by early Summer.

BurnBrae specializes in opportunistic land, residential and commercial investment deals in the Mid-Atlantic region. The company has completed or is in the developing phases of more than 1,000 residential lots. According to its website it has $150 million in equity under management.

Taking into account its investment strategies, the firm will likely sell off Bridal Path property to a homebuilder.

“Trevor Hall of Colliers International pointed us to the site and showed us there was an opportunity,” Thometz said, underlining the opening of the Kelly Park Road interchange.

It’s one of four interchanges opening in part of the $1.6 billion, 25-mile Wekiva Parkway project that will complete the beltway around northwest metropolitan Orlando.

The expressway was designed to provide an alternative to Interstate 4, and relieve US 441, SR 46 and other area roads of traffic congestion, but professionals in the industry say it’s also opening up a wealth of real estate opportunities.

Nearby to Bridal Path, a Longwood-based developer is close to breaking ground on a new retail project called Gateway Plaza.

The project features more than 32,000 square feet of retail space on 3.36 acres of land situated on the northwest corner of E. Lester and Rock Springs roads.

Directly behind where Gateway Plaza will rise, a 112-lot residential community being developed by K Hovnanian is underway.

Park Square partnership targets lot across a cemetery for new single-family homes

Orlando-based developer Khaled Hussein is teaming up with Park Square Homes to introduce a new single-family home community directly across the Chapel Hill Cemetery in east Orange County.

According to a recent Technical Review Group application filed in Orange County, Hussein is seeking to rezone four parcels of mostly undeveloped land directly east of Harrell Road from A2 to PD.

A majority of the roughly 17 acres is owned by a trust that lists Jacqueline M. Lloyd and Sheryl Meeks as trustees. Felix and Delfina Bon Pastrana own the remaining 4.6 acres just north of the Little Econlockhatchee River and the Little Econ Greenway.

According to a recent Technical Review Group application filed in Orange County, developer Khaled Hussein is seeking to rezone four parcels of mostly undeveloped land directly east of Harrell Road from A2 to PD to build 67 single-family homes.

(Orange County)

Under the current zoning, the partners would be capped at one dwelling unit per every 10 acres. Park Square CEO Suresh Gupta said they’re looking to build 67 single-family market-rate homes.

AVCON Inc. is the civil engineer behind the project called Harrell Oaks. Hussein, of Cedar Engineering Consultants, was not immediately available to comment.

The property straddles Trevarthon Road and is near the S.R. 417 and East Colonial Drive interchange.

Surrounded by a small white fence, the Chapel Hill Cemetery to the propery’s left features a well-kept green field with neat rows of gravestone markers.

Though an unusual site to neighbor, the cemetery wasn’t a deal breaker for partners, who are known for taking on challenging projects.

In 2016, they partnered to close on a deal of land at 1021 S. Dean Road, ready for single family development — the catch being there was a sinkhole at the center of the property filled with 25 feet of muck.

The Harrell Oaks property also lies in east Orlando near the University of Central Florida, where a number of investors are actively re-positioning multifamily and student housing complexes.

One of the latest examples is Horizon Realty Advisors’ $65 million purchase of The Glenn apartments on University Boulevard. Last year, the company made its foray into Orlando when it bought the nearby 384-bed student housing complex dubbed The Quad.

http://halldsi.com/wp-content/uploads/2018/10/hall3logo-300x78.png00halldsihttp://halldsi.com/wp-content/uploads/2018/10/hall3logo-300x78.pnghalldsi2019-02-21 07:44:502019-02-21 07:44:50HallDSi has another project in the news; February 21, 2019

Multifamily, hotel entitlements sought for South I-Drive property

The owners of the Caribe Royale resort east of Walt Disney World have filed a land-use plan seeking changes for four parcels it owns adjacent to one another along State Road 536 and South International Drive.

The owner of the Caribe Royale resort is looking to add entitlements for 341 multifamily housing units, 300 hotel rooms and 100,000 square feet of commercial space to property it owns along South International Drive and State Road 536 in Orange County.

Owner and developer Sierra Land Group, Inc., holds four adjacent parcels with entitlements totaling 481 hotel rooms, 897 timeshare units, 100,000 square feet of commercial space and a convention-center hotel with 1,618 hotel rooms, 200,000 square feet of convention-center space and support facilities, according to a land-use plan filed with the county that could prepare the property for sale.

Sierra requests to move those approved entitlements onto three parcels totaling approximately 93 acres and located west of South I-Drive, and re-entitle a fourth parcel east of the road on 35.46 acres, including 3 ponds, to accommodate the new request. Proposed trips to the parcels in total would increase approximately 5,500 compared to vested/constructed figures, according to the plan.

Caribe Royale filed plans in January to expand meeting space by 86,000 square feet and construct new support facilities while demolishing others, as well as move 7.63 acres from a parcel along the west side of South I-Drive to its main developed parcel. Calls to Caribe Royale and to Glendale, Calif.-based Sierra were not immediately returned.

With 1,338 rooms in 11 stories about 1.5 miles east of Walt Disney World, Caribe Royale bills itself as the Orlando area’s largest all-suite resort, and offers more than 72,400 square feet of meeting space.

Nearby, recently planned apartment properties include 278 units in the works by ContraVest on 11 acres of a 51-acre lakefront South I-Drive site.

The Milken Institute’s Best-Performing Cities U.S. index provides a way to measure which American metropolitan areas offer the greatest opportunities for prosperity and innovation across the nation. The BPC index measures each metro area’s economic performance using outcomes-based metrics such as job creation, wage gains, and technological developments to evaluate their relative growth.

The Rankings:

Provo-Orem, UT, holds steady at the top of our index, thanks to a dynamic high-tech sector, an educated workforce, and a business-friendly tax and regulatory climate.

Growth through tech is the reigning theme across America, with Silicon Valley and several of Northern California’s tech-focused metro areas in the top 20. Outside the Golden State, tech hubs such as Austin-Round Rock, TX, Dallas-Plano-Irving, TX, and Raleigh, NC, have also leveraged their educated workforces and competitive business climates to generate growth.

Top Ten Best-Performing Cities U.S. 2018

Metropolitan Statistical Area (MSA) /
Metropolitan Division (MD)

2018 Rank

2017 Rank

Change

Provo-Orem, UT MSA

1

1

Steady

San Jose-Sunnyvale-Santa Clara, CA MSA

2

11

+9

Austin-Round Rock, TX MSA

3

9

+6

San Francisco-Redwood City-South San Francisco, CA MD

4

4

Steady

Dallas-Plano-Irving, TX MD

5

3

-2

Raleigh, NC MSA

6

2

-4

Orlando-Kissimmee-Sanford, FL MSA

7

7

Steady

http://halldsi.com/wp-content/uploads/2018/10/hall3logo-300x78.png00halldsihttp://halldsi.com/wp-content/uploads/2018/10/hall3logo-300x78.pnghalldsi2019-01-29 07:56:402019-01-29 07:56:40Orlando #7 City for growth according to Milken Institute

In conjunction with DRMP and Borelli Partners, HallDSi has been selected for continuing design services for the Town Of Oakland. Possible assignments include assisting on designing the future mixed use town center and continued expansion of the Town’s trail system.

http://halldsi.com/wp-content/uploads/2018/10/hall3logo-300x78.png00halldsihttp://halldsi.com/wp-content/uploads/2018/10/hall3logo-300x78.pnghalldsi2019-01-22 09:01:492019-01-22 09:01:49HallDSi selected by the Town of Oakland for planning services; January 22, 2019

Tampa homebuilder wants to ditch plans for timeshare near Ruby Lake for multifamily

Tampa-based Bering Homes is seeking a land use change from timeshare to multifamily and commercial just off Palm Parkway.

(Orange County Property Appraiser/staff edit)

Amanda RabinesGrowthSpotter

A Tampa-based homebuilder wants to do away with plans to build timeshare units near Ruby Lake, and instead build up to 400 multifamily units along with additional commercial space.

The change is being sought by Bering Homes, which recently reactivated the shelved Tierra Del Sol resort development near ChampionsGate in Polk County.

Planner Jim Hall of Hall Development Services filed the Land Use Plans on behalf of Bering LLC, led by Chad R. O’Brien. It’s set to go before Orange County’s Development Review Committee this week.

If approved, plans would allow for up to 400 multifamily units and 15,000 square feet of commercial space. The request would replace previous entitlements calling for 420 timeshare units with 30,000 square feet of commercial space.

A conceptual site plan for the property shows the development is geared to townhome construction. Representatives for Bering Homes could not be reached for comment.

Sunterra Corp. owns the 17.7-acre site at 11907 Ruby Lake Rd. It sits within the Lake Buena Vista North Overlay District, just west of Palm Parkway. Before being acquired for $700 million by the timeshare company Diamond Resorts in 2007, Sunterra operated a portfolio of nearly 100 vacation-ownership resorts around the world.

Bering Homes is also asking Orange County to change the Future Land Use Designation of the property from Activity Center Mixed-Use to Planned Development Commercial/Medium-High Density Residential.

The area has seen a flurry of new development over the past couple years, mostly from Pulte Homes. The home developer has amassed more than 157 acres of land bordering the lake for projects including Pulte Phillips Grove, Pulte’s Ruby Lake and Overlook at Ruby Lake.

In Polk County, Bering Homes received county approval in December to build up to 252 short-term rental townhomes, as part of a larger 159-acre resort project at the corner of U.S. 27 and Bella Citta Boulevard.